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Climate change

What does climate change mean for business? On this page you can access a range of articles, research and guidance on topics including reporting on climate, climate risk in financial services and incorporating climate change into corporate decision making.

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Featured article

"Risk Thinking" in an unstable world
Businesses are being asked to measure their financial risk of climate-related change. But no one seems to know how.

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Featured link

2021 Climate check: Business' views on environmental sustainability
Deloitte, 2021
Report evaluating business responses to climate change issues, in the context of the coronavirus pandemic and economic downturn. 


People and planet in the accounts
A series of Insights articles focusing on how nature and society might be included in financial statements. 

Reporting on climate change
An overview of current UK reporting guidance from the ICAEW Financial Reporting Faculty. 

Resources for members
ICAEW articles and webinars on climate change, to keep members abreast of developments in this area.

Pension Schemes Act 2021
The Act introduces new climate risk-related governance and reporting requirements for some pension schemes.


The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Six Capitals: capitalism, climate change and the accounting revolution that can save the planet

Six Capitals charts the rise of four movements: multi-capital accounting, for society, nature and profit; the push for a new type of corporation legally bound to benefit nature and society while making a profit; ecosystem accounting for nations; and legal rights for nature.

Achieving regulatory excellence

Whether striving to protect citizens from the ravages of financial fraud, climate change, inadequate health care, or the risks of the emerging sharing economy, regulators are often tasked with seemingly impossible missions and even competing mandates.

Sustainable investing: the art of long-term performance

This book charts how sustainable investing has involved, what impact it has today, and what prospects are emerging for the years ahead.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Sustainability strategies and net-zero goals

A new way of accounting and a re-evaluation of the value chain are key to a clear net-zero vision for sustainability strategies. The authors discuss how the Return Driven Strategy framework can be used as a sustainability strategy tool kit by accountants. They also look at the advantages of e-liability accounting and a proposed new system for accounting for climate change and GHG emissions.

UK climate risk rules for trustees still evolving: Rigorous retirement plan reporting presents challenges and benefits

UK pension plan trustees are adjusting to new climate-related reporting rules, with more changes from regulators expected to come. Trustees of pension schemes meeting certain size criteria are now statutorily required to consider, assess and report on the financial risks of climate change within their portfolios. By the end of 2022, more than 70% of retirement assets under management are expected to be reported on.

Climate change accounting

A look at problems with the greenhouse gas (GHG) protocol approach to environment, social and governance (ESG) reporting - and how the defects in the protocol can be fixed. The authors explain their E-liability accounting system to enable the measurement and transfer of GHG emissions along an entire corporate value chain, based on established accounting practices.

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Articles are available to logged-in ICAEW members, ACA students and other entitled users.

Useful links 


Carbon Trust
Organisation supporting businesses and the public sector to cut carbon emissions, save energy and commercialise low carbon technologies. The website gives information on climate change legislation, emerging technologies and guides.

Climate Disclosure Standards Board (CDSB)
International consortium of business and environmental NGOs. Offers companies a framework for reporting environmental information and natural capital in mainstream reports such as the annual report, 10-K filing or integrated report.

The Intergovernmental Panel on Climate Change (IPCC)
United Nations body responsible for assessing the science related to climate change. The IPCC provides regular assessments of the scientific basis of climate change, its impacts and future risks, and options for adaptation and mitigation. 

Task Force for Climate-related Financial Disclosures (TCFD)
The Financial Stability Board established the TCFD to develop recommendations for more effective climate-related disclosures. The Task Force has 32 international members, including providers
of capital, insurers, large non-financial companies, accounting and consulting firms, and credit rating agencies.

Reports, surveys and guidance

Accounting for climate
Guidance issued by the Climate Disclosure Standards Board in December 2020, to support preparers in integrating climate-related matters into financial statements. 

Climate resilience perspectives
Latest insights into climate change and sustainability, including the implications for boards, from professional services firm Marsh & McLennan.

EY Global Climate Risk Barometer 2021
A snapshot of climate risk reporting disclosures from over 1,100 companies across sectors in 42 countries. The report provides an overview of the current state of global climate risk reporting and suggests areas of improvement. 

FRC climate thematic - Reporting
A report forming part of the Financial Reporting Council (FRC)'s 2020 thematic review of climate-related considerations. It addresses the question, 'how are companies developing their reporting on climate-related challenges?'.

FRC staff factsheet - Climate-related matters
A November 2021 factsheet, intended to inform preparers of annual reports under FRS 102 of climate-related matters they may need to consider when preparing financial statements and associated narrative reporting. 

Greening finance: A roadmap to sustainable investing
A HM Treasury policy paper setting out the government's ambition to green the financial system, starting by ensuring that the right information exists to enable every financial decision to factor in climate change and the environment. Published October 2021.

How to anticipate a Green Swan event
This Carbon Trust October 2020 report looks at climate transition risk as it relates to Chinese financial institutions and includes an in-depth review of methodologies used to understand climate risk in portfolios. 

Interim report of the UK's Joint Government Regulator TCFD Taskforce
November 2020 report – and accompanying roadmap – outlining the UK’s approach to implementing the recommendations of the Taskforce on Climate-related Financial Disclosures. The Government intends to introduce fully mandatory climate-related financial disclosure requirements across the UK economy.

TCFD Knowledge hub
Resources from the Task Force for Climate-related Financial Disclosures (TCFD), including industry reports, case studies and online courses.

Articles and books in the Library collection

Selected articles and books

Click on the links below for more information on these titles.

Filling the gaps
(Governance and compliance: the ICSA Magazine, December 2019/January 2020)
The challenge of climate change has gained a lot of prominence over the past few years, and it is clear that investors and companies are increasingly seen as part of the solution. Climate change requires companies to look to the future, which can be difficult when there is so much uncertainty. In this context, it can be difficult to work out what to report.

Climate change: time to improve your disclosure?
(FS Focus, May 2018)
This article discusses "the who, what and where of new recommendations for climate-related financial disclosures".

Corporate carbon and climate accounting
(Springer, 2015)
Discusses management accounting approaches for analysing business benefits and costs of climate change. Covers future directions on carbon accounting and performance measurement and reporting. Also looks at links between climate accounting and business processes, product and service development, supply chain innovation, economic successes and stakeholder relations.

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